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Tongyang Is Front-Runner to Buy ING Unit

By

Kanga Kong

June 12, 2013 8:55 a.m. ET

SEOUL—Tongyang Life Insurance Co. is the front-runner in the bidding for ING Groep N.V.'s Korean life-insurance subsidiary, in a deal that could raise more than 2 trillion won ($1.77 billion) for the Dutch bank, a person familiar with the matter said.

The sale would bring ING a step closer to fulfilling its commitment to the Dutch government to divest more than half of its Asian life insurance business by the end of this year in exchange for a bailout package received in 2008.